MetaStreet Raises $25 Million for Handy NFT Credit Markets

MetaStreet, a decentralized token system aiming to make credit markets supported by on-chain illiquid assets, like NFTs, more accessible.

Angel investors have put $25 million into MetaStreed, a decentralized token system that aims to make credit markets supported by on-chain illiquid assets, like as non-fungible tokens (NFTs), more accessible.

The following individuals participated in the round: GoodAlexander, Spencer, FreeLunchCapital, Jae Chung, GMoney, MrBlock, DCF God, Dingaling, Sisyphus, and Andrew Kang from Mechanism Capital.

With the addition of $24 million from the Seed and Venture rounds in 2022, MetaStreet’s total funding is now $49 million.

“Unlocking a $3.5 billion yield opportunity in the NFT market” is the stated goal of the company’s efforts to construct a decentralized platform for interest-earning tokens.

In a post about the fundraising on X, MetaStreet announced the launch of Liquid Credit Tokens, a new primitive that would allow scalable capital markets for illiquid assets on the blockchain.

Ascend, MetaStreet’s platform that aims to provide access to illiquid credit markets, was also introduced at the launch. In order to tap into the potential of NFTs and other illiquid assets, the platform was designed with the scalability of on-chain debt as a central component.

“Liquid Credit Tokens (LCTs) are necessary to overcome the challenges, risks, and complexity associated with accessing credit markets backed by illiquid assets like NFTs,” MetaStreet stated on X. “LCTs level the playing field so that both individuals and institutional investors can participate in high-yield credit,” the authors write.

Dialectic Group, Indigo Fund, Nascent, and Big Brain Holdings are among the prominent institutions that have joined MetaStreet’s decentralized yield-earning token platform, which is audited by Web3 security firm Cantina.

Contributors can earn XP for deposits, social media sharing, and early adopter status as they join the company’s on-chain debt scaling quest.

Animoca Brands, Sfermion, Dragonfly Capital, Ethereal Ventures, OpenSea, and other prominent Web3 VCs and investment firms have also backed MetaStreet.